Here’s how to send money to the Solomon Islands without breaking the bank.
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Compare money transfer services to the Solomon Islands
How do international money transfers work?
International money transfers allow you to send money to a recipient in the Solomon Islands. In general, you’ll need to visit a bank or independent transfer provider, which will then take your money and exchange it for Solomon Islands dollars before sending it to your recipient. While payment methods vary by provider, you may be able to use cash, card or a transfer from your bank account. Your recipient can receive their funds as cash or as a bank account deposit.
Banks vs. money transfer companies
Banks provide a number of handy financial services, so they’re often many people’s first choice when it comes to making money transfers. Unfortunately, if you’re dealing with an exotic currency like the Solomon Islands dollar, you’ll have a tough time finding a bank that is capable of sending money.
Instead, you should look into your alternative options. Independent money transfer companies deal with exotic currency transfers all the time and may be able to exchange your dollars for Solomon Islands dollars at a good exchange rate and without the high fees associated with bank transfers.
How do I compare transfer companies when sending money to the Solomon Islands?
- Exchange rates. Take note of the exchange rate being offered by each company. If it’s close to market value, you’ll know you’re getting a good deal.
- Fees. Every bank and money transfer company will charge a different fee. Weigh the cost of sending a transfer on your end with the amount your recipient will receive.
- Transfer methods. You may be able to place a transfer online, by phone or by visiting a branch. Choose the method that works best for you.
- Turnaround time. How quickly does your recipient need the money? A longer processing time generally results in lower fees, which means you could potentially send more.
- Minimum transfer amount. Some companies require you to commit a minimum amount of money to transfer. If this will be a problem, look for a service that doesn’t impose a minimum.
- Pickup methods. Ask your recipient how they want to get their cash. Would cash pickup be more convenient? Or do they have access to a bank account where they can have the funds directly deposited?
Foreign exchange rates explainedExchange rate is the tool banks and other money transfer services use to determine how much currencies are worth when traded for one another. A strong currency like the US dollar will typically yield more when exchanged for a weak currency like the Solomon Islands dollar. As of September 2018, the exchange rate between the two currencies was about 7.89 SBD per 1 USD. This amount can change depending on global factors like interest rates charged by banks and inflation.
What are my options for sending money from the US to the Solomon Islands?
- Bank transfers. Sending a bank transfer may be more difficult than your other options, and you may need to send US dollars that your recipient can exchange rather than directly sending Solomon Island dollars.
- Online money transfer providers. Online money transfer providers may be useful if your recipient has easy access to a bank account and can receive deposits in both US and Solomon Island dollars.
- Money transfer companies with cash pickup options. MoneyGram has a few cash pickup locations throughout the Solomon Islands if your recipient would rather collect cash.
How to send money to the Solomon Islands through an independent transfer provider
- Compare your money transfer options.
- Select a provider and click Go to site.
- Create an account with the provider.
- Enter your recipient’s information.
- Select the amount you want to send and the currency.
- Pay for your transfer and save your tracking number.
Emergency transfers in the Solomon Islands
You may be able to make an emergency transfer to the Solomon Islands, but it could be costly. Often, these transfers will have higher fees and poor exchange rates, making them costly to both the sender and the recipient. If your recipient can wait a day or two, you may be able to save on high fees and get them more money.
Tips for picking up cash in the Solomon Islands
If your recipient intends on picking up cash, tell them these tips to stay safe from theft.
- Avoid any areas where crime is known to be a problem.
- Keep your wallet or bag safe and secure at all times.
- Take a friend along to provide additional security.
- Don’t flash your cash around in public.
- Don’t carry large sums of money around for longer than necessary.
Exchanging an exotic currency like the Solomon Islands dollar can be tough when you aren’t sure where to look. But there are options available that can keep the cost of fees low and the exchange rate close to market value. If you want to learn more, our guide to money transfers can help you navigate the process with confidence.